No Addition merely on the Basis of Statements recorded U/s. 133A

Shri Ashok Vani Vs ITO (ITAT Indore) There is no dispute with regard to the fact that the assessee is a kirana merchant and running a kirana shop at a small place, where he is carrying out the business of kirana in retail. As per the provisions of Section 44AA read with Section 44AF of the Act, the assessee was not required to maintain any books of account. The assessee had retracted from the statement as made before the assessing authorities. After considering the facts, material placed before us and the background of the assessee, we find merit in the contention of the Ld. Counsel for the as...